Which of the following is the predecessor of the IRDA Act, 1999?

Correct option is A

The IRDA Act, 1999 (Insurance Regulatory and Development Authority) was preceded by the Insurance Act, 1938, which was the first legislation in India to regulate the insurance business. The IRDA Act introduced a more comprehensive regulatory framework, including opening the insurance sector to private players and foreign investments.
Information Booster:
· The Insurance Act, 1938, focused on licensing, registration, and oversight of insurance companies.
· The IRDA Act, 1999, aims to regulate, promote, and ensure the orderly growth of the insurance industry in India.
Additional Knowledge:
· (b) Life Insurance Corporation Act, 1956: Created the state-run LIC but did not regulate the entire insurance industry.
· (c) Marine Insurance Act, 1963: Deals specifically with marine insurance policies.
· (d) Public Liability Insurance Act, 1991: Focuses on insurance for environmental hazards, not general insurance regulation.